Scope Ratings GmbH (Scope) monitors and reviews its credit ratings on an ongoing basis and at least annually, or every six months in the case of sovereigns, sub-sovereigns and supranational organisations.

Scope performs monitoring reviews to determine whether material changes and/or changes in macroeconomic or financial market conditions could have an impact on the credit ratings. Scope considers all available and relevant information when undertaking the monitoring review.

Monitoring reviews are conducted by performing a peer comparison, benchmarking against the rating-change drivers, and/or reviewing the credit ratings’ performance over time, as deemed appropriate by the Lead Analyst or Analytical Team Head, in addition to an assessment of all aspects of the relevant methodologies, including key rating assumptions and model(s). Scope publicly announces the completion of each monitoring review on its website.

Scope completed the monitoring review for FT RMBS Prado VII on 25 July 2023. The credit ratings remain as follows:

Class A notes (ES0305508006), EUR 305.7m outstanding: AAA_SF

Class B notes (ES0305508014), EUR 38.6m outstanding: A-_SF

Class C notes (ES0305508022), EUR 33.5m outstanding: not rated

The review was conducted based on available quarterly investor reports reflecting performance up to June 2023 payment date.

FT RMBS Prado VII is a static cash securitisation consisting of prime residential mortgage loans originated by UCI, extended to individual borrowers residing in Spain.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term. Information about the latest credit rating action connected with this monitoring note along with the associated rating history can be found on www.scoperatings.com.

Key rating factors

The key rating drivers continue to be aligned with those disclosed on our rating action release Scope affirms classes A and B issued by FT RMBS Prado VII – Spain RMBS dated November 2021.

The methodologies applicable for the reviewed ratings (General Structured Finance Rating Methodology, 25 January 2023; Counterparty Risk Methodology, 13 July 2023) are available on https://scoperatings.com/governance-and-policies/rating-governance/methodologies.
This monitoring note is issued by Scope Ratings GmbH, Lennéstraße 5, D-10785 Berlin, Tel +49 30 27891-0.
Lead analyst: Miguel Barata, Director

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